News Flash Home
The original item was published from 7/21/2020 1:40:00 PM to 6/1/2021 12:00:04 AM.

News Flash

Petersburg News

Posted on: July 20, 2020

[ARCHIVED] City of Petersburg Announces Positive Fund Balance for FY 2018-2019

CAFRJuly20_HMPG

The City of Petersburg has received CAFR results for Fiscal Year (FY) 2018-2019 with an overall unmodified opinion on the audit of financial statements from FY 2018-2019. Based on conservative budgeting, strong fiscal management, and a more streamlined collections process, the City’s revenues have once again exceeded expenditures in the General Fund. 


During FY 2016-2017, the City positively closed the $7 million deficit to just $143,932. The FY 2017-2018 CAFR results showed an unassigned fund balance of $2,803,522, marking the first time since 2015 that the City had a positive fund balance.


“This is proof that our strategic budgeting and financial practices are working,” said City Manager, Aretha R. Ferrell-Benavides. “Our team continues to do the work to foster sustainable change. We are committed to correcting the practices that resulted in the fiscal stress and implementing innovative policies to continue moving this City forward.”


Petersburg has emerged with a stronger than expected performance for the FY 2018-2019 CAFR. The positive unassigned fund balance of $8,060,337 for FY 2018-2019 is a ten-year high for the City.  


"Petersburg’s financial and administrative turnaround is a remarkable achievement. Much credit is due to the Mayor and City Council for its smart hire of City Manager, Aretha Ferrell-Benavides, in 2017 and its support of the City Administration,” said Robert Bobb of The Robert Bobb Group. “The residents are the beneficiaries of the progress the City is making. While there is still much work ahead, Ms. Ferrell-Benavides and her team are to be congratulated."


Link to CAFR Fact Sheet 

Facebook Twitter Email

Other News in Petersburg News

Wards 1 and 4 Meeting  640 3 28 2023 copy

Wards 1 & 4 Joint Meeting

Posted on: March 25, 2023
5K Untitled 640

Petersburg Half Marathon & 5K

Posted on: March 20, 2023
Red And White World Blood Donor Day 640

Blood Drive

Posted on: March 20, 2023
Flood Awareness 640

Flood Insurance

Posted on: March 15, 2023
Pothole Repair 640 DSC_8220

Petersburg “Pothole Blitz” - 2023

Posted on: March 14, 2023